US rig count grows for second straight week

The number of rigs extracting crude oil and natural gas in the US rose by four to 622 last week, Baker Hughes has reported.

PHOTO: Oilfield worker welds an end cap to a pipe as sparks fly next to a derrick at an oil and gas drilling pad site. Getty Images

The number of oil rigs remained unchanged at 500 last week. On the other hand, the US natural gas rig count rose by three units to 117 last week. There were also five miscellaneous rigs in operation, one more than the prior week.

The total oil and gas rig count in the Permian Basin in Texas - the biggest US oil field – remained unchanged at 311.

The total US oil and gas rig count was down by 162 units, or 21% from a year earlier.

By Debarati Bhattacharjee

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